广发证券股份有限公司 关于中国石油化工股份有限公司 使用募集资金置换预先投入自筹资金的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为中国石 油化工股份有限公司（以下简称"中国石化"或"公司"）向特定对象发行 A 股股票的保荐人和持续督导机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定，就中国石化 使用募集资金置换预先投入募投项目及支付发行费用的自筹资金事项进行了审 慎核查，具体情况如下： | 序 | 投资方向 | | 项目名称 | 项目总投 | 拟投入募 | | --- | --- | --- | --- | --- | --- | | 号 | | | | 资 | 集资金 | | 1 | 清洁能源 | 天津 LNG | 项目三期工程一阶段 | 556,169 | 450,000 | 1 | 2 | | 燕山分公司氢气提纯设施完善项目 | 20,706 | 20,000 | | --- | --- | --- | --- | --- | | 3 | 高 ...

股票代码：600028 股票简称：中国石化 公告编号：2024-16 中国石油化工股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 中国石化董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 4 月 22 日（星期一）至 4 月 26 日（星期五）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（ir@sinopec.com）进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国石油化工股份有限公司（"中国石化"或"公司"）拟于 2024 年 4 月 29 日发 布公司 2024 年第一季度报告，并计划于上午 9:00-10:00 举行 2024 年第一季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第一季度业绩和经营 情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的 问题进行回答。 1 会议召开时间：2024 年 4 月 29 日（星期一）上午 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4]. Core Views - The company's operating performance remains strong, with an increase in dividend payout ratio [4]. - The company achieved a revenue of RMB 32,122.15 billion in 2023, a decrease of 3.19% year-on-year, and a net profit attributable to shareholders of RMB 604.63 billion, down 9.87% year-on-year [4][5]. - The company maintains a high cash dividend payout ratio of 72.1% for 2023, which is an increase of 7.62 percentage points year-on-year [4]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of RMB 32,122.15 billion, down 3.19% from 2022, and a net profit of RMB 604.63 billion, down 9.87% year-on-year [4][5]. - The fourth quarter of 2023 saw revenue of RMB 7,422.74 billion, a decrease of 14.17% year-on-year, and a net profit of RMB 74.97 billion, down 23.79% year-on-year [6]. Profitability Metrics - The company's gross profit margin for 2023 was 15.65%, an increase of 0.62 percentage points year-on-year, while the return on equity (ROE) was 7.50%, a decrease of 0.94 percentage points year-on-year [4]. - The net profit margin for the fourth quarter was 0.87%, down 0.32 percentage points year-on-year [4]. Operational Highlights - The company achieved a domestic oil and gas reserve replacement rate of 131% and an oil and gas equivalent production of 504.09 million barrels, up 3.1% year-on-year [4]. - The average selling price of crude oil was RMB 3,833 per ton, down 11.1% year-on-year, while the average selling price of natural gas was RMB 1,774 per thousand cubic meters, down 2.3% year-on-year [4]. Capital Expenditure and Dividends - The company's capital expenditure for 2023 was RMB 1,768 billion, with plans to reduce it slightly to RMB 1,730 billion in 2024 [4]. - The board proposed a cash dividend of RMB 0.345 per share (before tax) for 2023, maintaining a high cash dividend payout ratio [4]. Future Earnings Projections - The company expects net profits attributable to shareholders to be RMB 646.42 billion, RMB 754.75 billion, and RMB 811.68 billion for 2024, 2025, and 2026, respectively [4][7]. - The estimated earnings per share (EPS) for the same years are projected to be RMB 0.53, RMB 0.62, and RMB 0.67 [4][7].

FF304 Next Day Disclosure Return (Equity issuer - changes in issued share capital and/or share buybacks) Instrument: Equity issuer Status: New Submission Name of Issuer: China Petroleum & Chemical Corporation 27 March 2024 Date Submitted: Section I must tee corquéeed by a listed issuer where there has been a change in its issued share capital which is disoboseable pursuant to rule 13.25A of the Main Board Ru .isting Rules") / rule 17.27A of the GEM Rules (the 'GEM Listing Rules'') Governing the Listing of S ...

Investment Rating - The report maintains an "Accumulate" rating for Sinopec [1][2] Core Views - The company's performance meets expectations, with 2023 revenue of 32,122.15 billion RMB, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 604.63 billion RMB, a decrease of 9.9% [1][3] - Cost control measures have proven effective, with an increase in production and sales despite a challenging external environment, leading to a cash operating cost of 755.2 RMB/ton for oil and gas, down 2.3% year-on-year [1][3] - The company proposes a high cash dividend of 0.345 RMB per share for 2023, representing 72.1% of net profit attributable to shareholders, with a total payout ratio of 75% including share buybacks [1][3] Financial Summary - Revenue for 2023 was 3,212,215 million RMB, down 3.2% from 2022, with a projected revenue of 3,363,206 million RMB for 2024, reflecting a growth of 4.7% [3][6] - The net profit attributable to shareholders for 2023 was 60,463 million RMB, a decrease of 9.9%, with forecasts of 65,480 million RMB for 2024, indicating an expected growth of 8.3% [3][6] - The company’s earnings per share for 2023 was 0.50 RMB, with projections of 0.54 RMB for 2024 and 0.62 RMB for 2025 [3][6] Price Target and Valuation - The target price is adjusted to 7.02 RMB based on a 13x PE ratio for comparable companies in 2024 [1][2] - The current stock price is 6.2 RMB, with a potential upside based on the target price [2][4]

Investment Rating - The report maintains a "Buy" rating for Sinopec (600028) [1] Core Views - Sinopec's 2023 performance showed a slight decline in revenue and net profit, attributed to fluctuating international oil prices and a competitive market environment [4][5] - The company achieved significant breakthroughs in resource exploration, production increase, and cost reduction, leading to a substantial growth in refined oil sales volume [7][8] - The company is transitioning towards becoming a comprehensive energy service provider, expanding its market share in refined oil and developing new energy solutions [9][10] Financial Performance Summary - In 2023, Sinopec reported total revenue of 32,122.15 billion RMB, a decrease of 3.19% year-on-year, and a net profit of 604.63 billion RMB, down 9.87% year-on-year [3][4] - The fourth quarter of 2023 saw revenue of 7,422.74 billion RMB, a year-on-year decline of 14.17%, and a net profit of 74.97 billion RMB, down 23.79% year-on-year [3][6] - The company's return on equity (ROE) for 2023 was 7.59%, a decrease of 0.91 percentage points from the previous year [3] Segment Performance - Exploration and production segment revenue was 3000.19 billion RMB, down 6.1% year-on-year, with a gross margin of 22.1% [5] - Refining segment revenue was 15,297.86 billion RMB, down 2.9% year-on-year, with a gross margin of 2.4% [5] - Marketing and distribution segment revenue increased by 6.1% year-on-year to 18,184.29 billion RMB, with a gross margin of 5.2% [5] - Chemical segment revenue was 5,153.07 billion RMB, down 4.6% year-on-year, with a gross margin of 1.8% [5] Production and Exploration Achievements - In 2023, Sinopec achieved an oil and gas equivalent production of 504.09 million barrels, a year-on-year increase of 3.1%, and natural gas production of 13,378 billion cubic feet, up 7.1% [7] - The company reported a domestic oil and gas reserve replacement rate of 131% for 2023, with proven oil reserves of 2,003 million barrels, an increase of 41 million barrels year-on-year [7] Future Outlook - The company plans to produce 279.06 million barrels of crude oil and 13,797 billion cubic feet of natural gas in 2024 [7] - The report forecasts net profits for 2024-2026 to be 682 billion RMB, 748 billion RMB, and 804 billion RMB respectively, with corresponding P/E ratios of 11, 10, and 9 [11][50]

Section I must tee corquéeed by a listed issuer where there has been a change in its issued share capital which is disoboseable pursuant to rule 13.25A of the Main Board Ru .isting Rules") / rule 17.27A of the GEM Rules (the 'GEM Listing Rules'') Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the 'Exchange') | Section I | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. Class of shares | Ordinary shares | Type of shares | H | | Listed on SEHK (Not ...

证券研究报告·公司点评报告·炼化及贸易 中国石化（600028） 2023 年年报点评：高分红凸显石化央企担当！ 2024 年 03月 26日 买入（维持） 证券分析师 陈淑娴 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600523020004 chensx@dwzq.com.cn 营业总收入（百万元） 3,318,168 3,212,215 3,477,175 3,465,682 3,503,499 研究助理 何亦桢 同比 21.06% -3.19% 8.25% -0.33% 1.09% 执业证书：S0600123050015 归母净利润（百万元） 67,082 60,463 64,041 66,554 67,556 heyzh@dwzq.com.cn 同比 -5.79% -9.87% 5.92% 3.92% 1.50% EPS-最新摊薄（元/股） 0.55 0.50 0.53 0.55 0.55 股价走势 P/E（现价&最新摊薄） 11.25 12.48 11.79 11.34 11.17 中国石化 沪深300 [ Tabl ...

[Table_Header] 公司点评●化工行业 2024年 3月 25日 [Table_Title] [Table_StockCode] 中国石化（600028.SH） 高分红石化央企，持续推动高质量发展 [Table_InvestRank] 推荐 （维持评级） 核心观点： 分析师 [⚫T able事_S件um 公ma司ry发] 布 2023 年年度报告，2023 年合计实现营业收入 32122.2 亿元， [任Ta文b坡le_ Authors] 同比下降 3.2%；实现归母净利润 604.6亿元，同比下降 9.9%。其中，Q4单季 实现营业收入 7422.7亿元，同比下降 14.2%、环比下降 15.3%；实现归母净利 ：010-80927675 润 75.0亿元，同比下降 23.8%、环比下降 58.0%。 ：renwenpo_yj@chinastock.com.cn ⚫ 油价重心回落等因素扰动，上游业务略有承压 分业务板块来看，2023年公 分析师登记编号：S0130520080001 司勘探及开发、炼油、营销及分销业务分别实现经营收益 449.63、206.08、259.39 亿元，同比分别变化 ...

中国石化（600028.SH）2023年年报点评 扣非利润同比增长，央企稳盈利+高分红特性凸显 2024年03月25日 [T able_Author] 分析师：周泰 分析师：李航 研究助理：王姗姗 执业证号：S0100521110009 执业证号：S0100521110011 执业证号：S0100122070013 邮箱：zhoutai@mszq.com 邮箱：lihang@mszq.com 邮箱：wangshanshan_yj@mszq.com ➢ 事件：2024年3月24日，公司发布2023年年度报告。2023年，公司实 推荐 维持评级 现营业收入32122.2亿元，同比下降3.2%；归母净利润604.6亿元，同比下降 当前价格： 6.20元 9.9%；扣非归母净利润606.9亿元，同比增长4.7%。 ➢ 23Q4毛利率环比仅下滑0.2pct，归母净利率环比下滑0.8pct主因税金及 附加环比增加。23Q4，公司实现营业收入7422.7亿元，同环比分别下滑14.2% 相关研究 和15.3%；归母净利润为75.0亿元，同环比分别下滑23.8%和58.0%；扣非归 母净利润分别为104.1亿元，同环比分别增长 ...